Africa urged to combat illicit financial flows for better future

Vera Songwe, ECA's Executive Secretary, urged AU to combat bribery, money laundering and tax evasion. This should be a priority if Africa has to finance its transition to middle income status and increase prosperity, Songwe stated.

ECA indicates Africa has lost an estimated close to 1.4 trillion U.S. dollars, in the last three decades to 2009. Reports show that continent loses between 50 billion U.S. dollars and 80 billion U.S. dollars a year due to illicit financial flows.

Songwe further asked for more integrity and transparency among leaders and officials of the public and private institutions through asset declarations; and urged African countries to sign up to the international tax information treaties to enable exchange of information.

"Countries should also build human and technological capacities of agencies tasked with tackling illicit financial flows, and institute information sharing and collaboration between relevant government agencies and ministries," she said.